Healthcare scaleup secures $1.1m to revolutionise healthcare efficiency worldwide
Navenio, UK healthcare scaleup, has announced a $1.1m investment from Future Planet Capital to help revolutionise healthcare efficiency worldwide.
The Navenio solution, a spin-out of Oxford University, provides infrastructure-free indoor location solutions, the equivalent of GPS for use indoors, to power a range of apps and platforms in sectors including healthcare.
Navenio is tackling the rising cost of healthcare with a tool that can increase workplace productivity by up to 100%, freeing up clinical resources for other high value tasks.
Since the start of the COVID-19 pandemic, Navenio has formed strong relationships with multiple NHS organisations, as well as facilities management businesses and private hospital groups. The scaleup has so far improved inpatient and caregiver experience and transformed service lines of healthcare teams. Plans are set for Navenio to expand further and to ensure that efficiency and patient flow are not impacted at a time where hospitals can expect higher admittance rates.
The investment from Future Planet Capital will help Navenio to not only mitigate infection rates in hospitals, but to roll out its technology to ensure ‘right person, right place, right time’, resulting in an increase in efficiency.
The technology will also stop cross contamination of teams travelling from select COVID-19 areas to parts of the hospital that are not treating the virus, a key issue limiting the ability of hospitals to continue other critical operations and procedures.
Hospitals and healthcare systems are under more financial strain than ever, meanwhile healthcare spending is set to outstrip GDP growth through 2030 to 10% of GDP on average, and 17% in the US. 2019 was the worst year for US hospital closures in a decade and even large groups saw flat revenues, an increase in costs and decline in operating income for years before COVID.
Douglas Hansen-Luke, Executive Chairman at Future Planet Capital commented: "Navenio exemplifies our investment thesis; best-in-class innovation from the world’s top university wrapped into a highly commercial product and company with the potential to scale its impact to help billions of lives. Having established partnerships with the NHS, Cleveland Clinic and some of the world’s largest outsourcers, we believe the company is poised to revolutionise healthcare efficiency worldwide.
"In addition, the core indoor geo-location engine developed at Oxford’s computer science lab, has achieved what competing tech giants in the space have not, and we believe this will be hugely valuable cross-industry."
Tim Weil, CEO of Navenio, added: “We are delighted to have received this additional funding from Future Planet Capital, topping up our Series-A raise from earlier this year. There is no denying that we live through challenging times but here at Navenio we are using our technology to help and provide benefit to the teams that are fighting on the front line.
"Our indoor location and workforce solution is crucial and can play a significant role as hospitals experience the second or even multiple waves of COVID-19 patients, ensuring that patient care and team flows are optimised during peak periods and enabling ‘right person, right place, right time’.”